Morgan Stanley Sees $76 Upside on Coinbase

Morgan Stanley has initiated coverage on Coinbase Global Inc., assigning it an Equalweight rating and setting a price target of $250.00, according to a report released by the firm.

The current stock price is $174.72, which represents significant upside from this target, though shares have declined 23% year-to-date amid broader crypto market volatility.

Morgan Stanley analyst Michael Cyprys stated that the firm is more constructive on the franchise than the shares at current valuation, citing Coinbase's scale, brand, liquidity, regulatory infrastructure, and product breadth as key advantages.